UK Inflation Rate at 40-Year High.
London, Wednesday, 22 June 2022
The UK's annual inflation rate jumped to 9.1 percent in May 2021 from 9 percent the previous month, which was in line with market predictions and the highest level since 1982.
Cost increased for transportation (13.8 percent vs. 13.5 percent), food & non-alcoholic beverages (8.6 percent vs. 6.7 percent), furniture & household goods (10.5 percent vs. 10.3 percent), alcoholic beverages & tobacco (19.4% vs. 19.2 percent), housing and utilities (19.4% vs. 19.2 percent), and food & non-alcoholic beverages (5 percent vs 4.4 percent).
Prices increased more slowly for health (1.8 percent vs 2.3 percent), entertainment & culture (5 percent vs 5.9 percent), apparel & footwear, and restaurants & hotels (7.6 percent vs 7.9 percent) (7 percent vs 8.3 percent ).
At 4.5 percent, 2.8 percent, and miscellaneous goods & services, respectively, inflation remained stable (at 2.9 percent ). Consumer prices increased by 0.7 percent on a monthly basis, beating expectations of 0.6 percent, with the majority of the increase coming from higher food and non-food prices.
(Source Office for National Statistics // Edited by: The Decision Maker – Finance editors)